Mortgage rates will hold steady for the time being.
Slow economic growth over the summer has motivated the Federal Reserve to remain cautious, holding off on
proposed rate hikes for now.
National Gross Domestic Product (GDP) grew slower than expected over the summer. As such, the Fed has made plans to raise the rate of money borrowed by lending institutions in an effort to stave off runaway inflation, based on higher economic projections that have yet to be met.
Good News For Home Buyers
Interest rates have held at under 4 percent for the bulk of past year. As of the date of this article, mortgage interest rates are as follows:
- 30 year fixed-rate mortgage: 3.87%
- 15 year fixed-rate mortgage: 3.15%
- FHA 30 year fixed: 3.60%
- Jumbo 30 year fixed: 3.67%
- 5/1 fixed adjustable rate mortgage: 2.93%
How long will rates hold steady?
While the Federal Reserve has continued to hold off on any rate increases, we may still see a rise by year’s end. This of course may be based on final quarter economic conditions.
What’s holding you back from making the decision to buy a home?
Most “on-the-fence” types hold off on purchasing a home because they don’t think they can qualify for a loan, or feel the process is too overwhelming. The staff at Montemayor & Associates are professional, experienced, licensed, full service agents ready to help ease your concerns and streamline the buying process so that you can enjoy all the benefits that home ownership has to offer. Contact us at either of the numbers listed at the top of this page, or by using the Quick Response form below.Email Contact Form